German automaker Volkswagen AG (DE:VOWG_p) will pay as much as $15.3 billion after admitting it cheated on U.S. diesel emissions tests for years, agreeing to buy back vehicles from consumers and provide funding that could benefit makers of cleaner technologies. A deal formally filed by the Justice Department on Tuesday will provide the largest-ever automotive…
A Haitian woman in Florida has delivered the first baby in the state born with the birth defect microcephaly caused by the Zika virus, Florida’s health department said on Tuesday. The mother contracted the mosquito-borne virus in her home country and traveled to Florida to give birth, state officials said in statements. If confirmed by…
U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, and while there are signs of a pickup in the second quarter, analysts worry Britain’s vote to leave the European Union could hurt activity later this year. Gross domestic product increased at a 1.1 percent annual rate, rather than the…
U.S. crude halted a three-day losing skid on Tuesday, amid an easing dollar, as threats of an impending worker strike in Norway offset continuing fears of a potential recession throughout the euro area in the wake of last week’s historic Brexit referendum. On the New York Mercantile Exchange, WTI crude for August delivery traded between…
British asset manager M&G Investments, the fund arm of insurerPrudential (L:PRU), is looking at expanding its operations in Dublin in the wake of a British vote to leave the European Union. Under current rules, asset managers need an EU base to sell investment funds to continental retail investors, although the rules under which UK-based managers…
Wall Street recouped some recent losses on Tuesday as investors sought cheap assets after a two-day equities rout sparked by Britain’s decision to leave the European Union. U.S. indexes joined stock markets around the world in the rebound after global equity markets had shed $3 trillion in value in the two days following Britain’s shock…
Apartment-sharing startup Airbnb is in talks for a new round of funding that would value the company at $30 billion, a source close to the company said on Tuesday. Airbnb intends to use the financing to support new investments and growth opportunities, the source added. The New York Times first reported the news on Tuesday.…
The top U.S. securities regulator on Tuesday proposed a rule intended to ensure that investors are not harmed when asset managers fall on hard times or close up shop. The proposed rule would require investment advisers to put in place business continuity and transition plans, laying out how they would minimize material disruptions to service…
European Central Bank President Mario Draghi told EU leaders on Tuesday the euro zone may grow cumulatively between 0.3 and 0.5 percent over the next three years, less than previously estimated because of the impact of Brexit, an EU official said. Earlier this month, before Britain’s June 23 EU referendum, the ECB estimated that the…
Wall Street breathed a sigh of relief on Tuesday after two days of declines that wiped a record $3.01 trillion off the face of global equities as results in the U.K.’s referendum on its membership in the European Union (EU) shocked markets with a decision to leave and while look ahead precisely to the first…
